Once you have talked with a loan officer and are aware of the actions you need to take, you may consider buying a "Rent to Own" or "Lease Option" property. That would allow you to get in at today's prices but close in 6 mos to a year, or whatever time you need.

Many sellers/landlords are willing to take on R2O buyers in this market because inventory is high and demand is low. If you negotiate your deal up front, you may be able to start paying down the house price as a renter. I have seen agreements that if the buyer settles within 6 months, 100% of the rent was applied to the purchase price/closing costs.

Call on an agent to help you find a property or help in the negotiations. Good luck!

Hi Michelle, you have gotten some great advice, and I would add just a few other suggestions. First, and foremost, interview 3 loan officers of your choice that offer free credit repair to help you. Interview them as if you were hiring them to babysit your children, or investing your money for you. ASK a LOT of questions, and choose ONE you feel most comfortable with. If you are starting out with low scores, you really only want your credit pulled once, because multiple pulls can actually lower your score even more.
Make sure they are members of the credit bureau, so they can correct your credit and get you rescored within a few days. If you have issues that are not mistakes, they can outline a plan for you to get your scores up.
In this market, with low credit scores, it is imperative you work with a lender that still has options for folks with some bumps in their credit file. There are a few left!!!!
I wish you a great experience, and hope these comments help you! Jim

Great Question....and the exact right question! When you travel from point A to point B, you must always know where you are (point A) before you can map a journey to where you want to be (point B). You just state you "have bad credit". What is bad? Do you know what your actual scores are? Do you know where your credit score needs to be to qualify for a home?

To find out exactly where you are, you will have to have your credit report and score from all 3 credit bureaus. Of course you can get the credit reports free 1 time each year, but without knowing how to read it or analyze the data on it, you can do no good with it.

You need a good loan officer that can analyze the data, let you know exactly what your scores are, and the best methods to raise that score. I have seen errors on reports that were easy to fix and raised a score 20-30 points quickly. I have also seen where a judgement or writeoff could be satisfied and the score jumps quickly. Others may be a string of items that need rectified which could take several months.

Having the right loan officer, with the knowledge and ability to assist you in the right direction is key. I wish you all the best.

Michelle,
You should find a reputable loan consultant who will guide you in the proper direction. It is a good idea to interview more than one to see what they have to offer in terms of getting the credit on the right path, also find out if there is a fee assiciated with this process.
Good luck and let me know if I can be of further help to you.
Ania
AniaMiller@kw.com

i have a loan officer that uses a computer program that tells you exactly how to raise your credit score, and what needs to be done to improve your credit rating! His name is Craig Gough, and number is (Cell) 301-399-5630. The bad news is he is on vacation, but expected back next Monday! I've seen him really help people!

Bill Wootan

To piggyback on Kimberlee's answer, make sure the lender is credible so his/her advice is sound and he/she or a credit repair company they know can help you fix your credit with little to no costs and get you into the housing market as soon as possible!

Put together a budget, so you know whre your money is going and start a savings account. Pay off 1 credit card, then another.

start enjoying watching your savings account grow.

Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

Call a lender in your area and ask them to run your credit. They will then be able to advise you how to repair it and bring your scores up to a level that will allow you to buy a home.